Technical analysis: Brent crude oil price tests resistance on June 29

June 29, Economies analysts’ latest opinion today: Brent crude oil prices continue to rise, testing the key resistance level of 74.30. It is worth noting that the price consolidated below this resistance level, and the superposition of EMA50 added strength to it, while Stochastic also lost the bullish signal it provided.

These factors therefore encourage us to suggest a bearish pullback in the coming sessions to continue the downtrend, noting that our next target is at 71.60 but it needs to stay below 74.30 for this to happen.

Today’s expected trading range is between 72.00 support and 75.00 resistance.